Twaice receives $30 mil­lion in funding

TWAICE, a bat­tery ana­lyt­ics com­pa­ny that improves the vis­i­bil­i­ty and pre­dictabil­i­ty of bat­tery per­for­mance and life, help­ing cus­tomers in the mobil­i­ty and ener­gy indus­tries grow their busi­ness mod­els effi­cient­ly and sus­tain­ably, today announced that it has secured an addi­tion­al $30 mil­lion in Series B fund­ing from glob­al investor Coat­ue. This fund­ing expan­sion includes per­son­al invest­ments from Lip-Bu Tan as well as pre­vi­ous investors, and builds on the $26 mil­lion Series B fund­ing in May 2021 led by Ener­gize Ven­tures. The funds will be used to fur­ther opti­mize TWAICE’s cloud ana­lyt­ics plat­form and expand the pres­ence of var­i­ous sites in Europe and North Amer­i­ca — includ­ing the expan­sion of the new site in Chicago.

The mar­ket poten­tial of the bat­tery sec­toris esti­mat­ed at $168 bil­lion by 2030. This growth presents the bat­tery soft­ware mar­ket with rev­enue oppor­tu­ni­ties of $12 bil­lion to $20 bil­lion, accord­ing to an analy­sis by Ener­gize. Cur­rent demand for high-per­for­mance bat­tery tech­nolo­gies is fueled by the acute need for reli­able renew­able ener­gy stor­age and the shift to all-elec­tric vehi­cles by automak­ers around the world. The bat­tery is the most expen­sive com­po­nent in an elec­tric car, which is why war­ran­ty peri­ods and bat­tery con­di­tion are of utmost impor­tance to poten­tial buy­ers and OEMs. TWAICE’s soft­ware solves key bat­tery life­cy­cle chal­lenges by pro­vid­ing insights into bat­tery aging while allow­ing high­ly accu­rate pre­dic­tions of future bat­tery performance.

TWAICE has increased sales by about 250 per­cent since May 2021. The com­pa­ny’s grow­ing cus­tomer base includes more than five of the world’s lead­ing automak­ers, as well as sev­er­al major renew­able ener­gy stor­age devel­op­ers and operators.

“We are build­ing the world’s most com­pre­hen­sive pre­dic­tive bat­tery ana­lyt­ics plat­form, avail­able to all com­pa­nies dri­ving the trans­for­ma­tion to a clean­er, green­er world,” said Stephan Rohr, co-CEO and founder of TWAICE. “Over the past year, we have grown our cus­tomer base tremen­dous­ly in the mobil­i­ty and ener­gy sec­tors, estab­lished new busi­ness lines for bus and com­mer­cial fleet oper­a­tors, and devel­oped a new prod­uct offer­ing for resid­ual val­ue cer­ti­fi­ca­tion of elec­tric vehi­cles. We owe these recent suc­cess­es to our strong team at TWAICE and the sup­port of all our investors,” adds co-CEO and founder Michael Baumann.

The invest­ment by Coat­ue, a New York-based invest­ment firm with approx­i­mate­ly $60 bil­lion in assets under man­age­ment, under­scores the com­pa­ny’s ambi­tious posi­tion­ing as a glob­al leader in bat­tery analy­sis software.

“TWAICE has built a holis­tic ana­lyt­ics plat­form for bat­ter­ies with a strong cus­tomer base in the auto­mo­tive, fleet and ener­gy indus­tries,” said Jaimin Rang­wal­la of Coat­ue. “We are pleased to part­ner with TWAICE as it solves chal­lenges along the val­ue chain, improv­ing bat­tery prof­itabil­i­ty while reduc­ing risk for man­u­fac­tur­ers and users.”

About TWAICE

TWAICE pro­vides pre­dic­tive ana­lyt­ics soft­ware that opti­mizes both the devel­op­ment and oper­a­tion of lithi­um-ion bat­ter­ies. The core tech­nol­o­gy of TWAICE is the dig­i­tal twin — soft­ware that uses arti­fi­cial intel­li­gence to deter­mine bat­tery con­di­tion and pre­dict aging and per­for­mance. This makes it pos­si­ble to make com­plex bat­tery sys­tems more effi­cient, sus­tain­able and reli­able. As a lead­ing provider of bat­tery ana­lyt­ics soft­ware to glob­al mobil­i­ty and ener­gy com­pa­nies, TWAICE increas­es the dura­bil­i­ty, effi­cien­cy and sus­tain­abil­i­ty of prod­ucts that dri­ve tomor­row’s economy.